Moody’s Investors Service said Wednesday the news that an Eli Lilly and Co. trial of a treatment for dementia in Alzheimer’s disease has failed is a credit negative, but does not affect the company’s A2 rating or stable outlook. Eli Lilly’s most active bonds, its 2.750% notes due June of 2020, last traded at 99.458 cents on the dollar, according to data from MarketAxess. Shares were down about 13% at last check, a roughly two-year low. The shares have lost 21% in the year so far, while the S&P 500 has gained 7.5%.
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